Social Security's 2024 COLA: Modest Increase Expected

Social Security recipients may receive a 3% boost in 2024, following an 8.7% increase in 2023, according to estimates based on July's consumer-price data. The Senior Citizens League, a pro-senior think tank, predicts the 3% cost-of-living adjustment (COLA), which would raise the average monthly benefit by $53.70. High prices continue to impact retirees' budgets, with 79% reporting significant effects, particularly on healthcare access. A recent survey by the Senior Citizens League found that many retirees have postponed dental care, optical exams, and medical treatments due to costs. Additionally, over 20% of Social Security beneficiaries paid taxes on their benefits for the first time this past tax season.